Yup. Sort of "select" and then drag over to apply to like fixures, or rather like functionality. For example, I have two types of fixtures that use RGB color mixing. My two fixtures are my two Color Fusions and my 64 LED Pros. I can use the color manager to set both sets of lights to the same color at once, very handy. Similarly, if I choose a "function" type channel, say, strobe or dimming, I can use the preset manager to quickly make like features on similar fixtures do the same thing. When I use it on my movers, it can help me make them both do the same thing, but usually I want them to mirror/out of phase.
It's a bit abstract at first. After playing with it for 5 minutes, you get it. It' a huge time saver if you're doing a lot of scene copying and tweaking because you want to do the "same thing in a different color". But it has many of other time saving features too depending on what you have and what you want to use it with.